3 Keys to Raising Families in an Atmosphere of Wealth - Susan Schoenfeld
Susan R. Schoenfeld, CEO and Founder of Wealth Legacy Advisors LLC, serves as a ‘thought partner’ to families of wealth through personal attention and human spirit. Susan is an award-winning Thought Leader; she provides guidance on legacy, next-generation, stewardship, governance, leadership succession, and philanthropy. She recently spoke on Family Governance and The Family Office: Planning for the Next Generation at Opal Group’s Family Office Forum West in Napa, CA.
The main takeaway that I would like to leave with everyone is the importance of communicating with your family members about the important topics of your family’s values, culture and legacy, and listening to your children and grandchildren communicating with you about their questions, concerns, and points of view.
My favorite quote on the topic of communication comes from George Bernard Shaw, who said that “The single biggest problem in communication is the illusion that it has taken place.” Very often we think that we have communicated much more than we actually have, and sometimes we have communicated a whole lot less than we have. It is important to communicate thoughtfully and intentionally to avoid misunderstandings.
The biggest mistake that I see is when parents tell me, my kids have no idea that we’re wealthy. Well, you know what? There’s a thing out there called the Internet. Your kids know how to use it. They Zillow your home. I had a client who told me that her daughter Zillowed their house, and then she also looked up the house of one of her private school schoolmates, and found out that her friend’s home was a lot more valuable. I responded that this was an opportunity for a teachable moment.
My three keys to raising kids in an atmosphere of wealth are number one, Start While Young. It is important to be consistent throughout your child’s lifetime in the messages you share, and it is never too early to start building that culture of age-appropriate communication.
Number two is Model the Behavior you want them to emulate, because kids will pay attention to what you do far more than they ever will to what you say.
And my third key to raising kids in an atmosphere of wealth is Find Teachable Moments. And the hint there is that teachable moments always come up at the most inconvenient times, so be ready when they occur.
Susan Schoenfeld, a public speaker & thought partner to families of wealth and their advisors, is an award-winning thought leader. Susan’s switch from successful estate planning attorney and CPA to a trusted family advisor and thought partner was inspired by families of wealth asking her searching questions beyond estate tax planning. As a conflict-free advisor who provides no investment, tax, or legal advice and sells no product, Susan shares her insights directly with wealthy families and with financial services experts. She is active as a keynote speaker and a leader of break-out sessions and workshops at conferences throughout the US.
Connect with Susan Schoenfeld on LinkedIn.
